Global solar power market value 2015-2022

The global solar energy market is expected to reach 422 billion U.S. dollars in 2022, in comparison to 86 billion U.S. dollars in 2015. Solar energy is one of the most popular renewable energy sources and in recent years more capacity was deployed than traditional energy sources. The success related to the solar energy segment can be attributed to the declining cost of installing solar photovoltaic systems.

Regional solar markets

China and the United States were two of the largest solar markets in the world, driving a large portion of global solar demand. Europe, on the other hand, had experienced a declining solar market for over five years, but has seen growth recently due to Turkey’s expansion of solar capacity. These mature markets are expected to reduce their hold on the market as emerging markets in Latin America, the Middle East, and Africa grow. However, solar prices in emerging markets will be much higher than in developed markets as business situations can be less than ideal. In these cases, development financing institutions may help cover risks associated with financing solar projects.

Value of the solar power market worldwide in 2015 and 2022

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Release date

February 2017



Survey time period

2014 and 2015

Supplementary notes

* Projection based on the CAGR of 24.2 percent from 2016 to 2022.

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Statistics on "Renewable energy in China"

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